thanks that's quite a compliment. I did turn 21 today. I should be out drinking, but alas I am at home with the charts...
No trading today. Internet is going in and out. I just moved into a new place and my internet won't be installed until monday...i was stealing it but now its not working so well. No rush anyways.
Internet is up. I will start at 7am EST (5am here). Lets see if last thursday was a fluke. edit: may have to wait until 6AM...seems to be a lot of chop in my time frame.
To the surprise of no one, i have dropped my points goal to 7-10 points. This is based on some calculating I did (assuming im only trading 1 contract at first) and works well with my financial goals. Anyways, today was damn hard. I felt i had to scratch and claw for every little tick. Then that stupid earth quake came and volume shot up ten-fold in less than a minute, costing me 2 points. I hated that. today's results +7.75 points. Im pretty damn pleased with that considering how hard it was to make, coupled with today being only my 3rd day. here are the charts of my entries and exits. Appreciate any and all input. Thanks.
Because of today's accident with the earthquake, I am subscribing to a live news feed. Hopefully I will have a heads up for this sort of thing next time. I like to at least know when i'm about to get chopped in half at the knees. www.newsstrike.com
Still need to figure out how I can have a set strategy too eliminate emotional and rash decisions. Since I'm not using any indicators (other than VOL) its hard to me to have a set of concrete rules to go by. I can't be the only price action trader that has had this dilemma though. There is really now way for me to back test is there?
My exits right now are a problem, so I will work hard on defining a more exact exit strategy. Supply and Demand is all I think about these days. As for real money...I'm trying to not think about it. I try not to let money enter at all into my brain. It's difficult. I just try to think of points...like I'm Kobe and I'm trying to score as many points as I can before the end of the game (or trading day). I believe its starting to work. I get frustrated when I lose points sure, but I don't get fearful or greedy (I try not to). I am new to trading, but I am not new to teaching myself (with the help of others on the internet) a skill that few have. When I was 18 I started a mortgage company and had a ball funding loans, later on I incorporated a real estate development company; so I am not new to the dedication that trading demands. The only different aspect is mental. I can't really do something part way, its 100% or nothing (which has its good and bad), so right now I am thinking about trading or something to do with trading pretty much 24/7...the difference is I have placed kind of a mental filter in my brain. Every thought has to be screened to make sure its not borne out of fear (" I could lose $10,000 in one day) or greed ( I can make $10,000 in one day!). Hopefully it pays off. I mean works out...haha
Today is shaping up to be my worst day yet. gettting stopped out left and right. If i short the market goes up just enough to stop me out and then resumes the down trend. same for everything else. fucking annoying. ill be lucky ive end today in the green.
4th day of trading=1st losing day. Damnit. The reasons I lost today are many, but the awesome thing about trading is that its only yourself that you have to change. 1.Trading too much. Instead of waiting patiently for the optimum entry points, I pushed it. I wanted to make something out of every move. It was greed in a form i wasn't prepared to deal with. Its covered now though. 2. My stops. My trailing stop was too close. Looking back i was in early on some large (8-10 point) moves, however i was only able to capture 1.5-2 of those points. I can't have it all, but I should be locking in more profits then that when I am right, 3. Revenge trading. Internally I was trading with one thing on my mind: making back my losses. I need to make every trade completely independent of the last, regardless of its outcome. I am going to set a limit on how many trades I can do per day. I'm not sure what it is yet, but I will think on it. My stops will also be adjusted. Tomorrow is a new day, however I sure didn't like ending the day with a loss...sucked. today's result: -6 points 4 day's trading results= +13.25 give or take.